Seoul shares trim earlier losses late Mon. morning

Seoul shares trimmed earlier losses late Monday morning amid concerns that the U.S. Federal Reserve has waited too long to cut rates as recession risks grow. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.06 percent, or 26.85 points, to 2,517.43 as of 11:20 a.m. Weaker-than-expected employment data in August weighed on investor sentiment ahead of the Fed's rate decision later this month, analysts said. They said investors will focus on next week's inflation data to get a final clue on the U.S. central bank's monetary policy. In Seoul, tech stocks were lead decliners. Foreigners sold a net 320 billion won (US$239 million) worth of stocks, exceeding institutions and individuals' stock purchases valued at 313 billion won. Market bellwether Samsung Electronics Co. fell 2.5 percent, No. 2 chipmaker SK hynix Inc. retreated 2.4 percent, No. 1 auto parts maker Hyundai Mobis Co. shed 0.2 percent, and state utility Korea Electric Power Corp. was down 0.5 percent. Among gainers, top carmaker Hyun dai Motor Co. rose 0.7 percent, leading battery maker LG Energy Solution Ltd. climbed 1.8 percent, and leading refiner SK Innovation Co. gained 0.4 percent. The local currency was trading at 1,340.50 won against the U.S. dollar, down 12.9 won from the previous session. Source: Yonhap News Agency